Lagos State Government will review private investment opportunities and private sector participation in the electricity market in November as it assesses progress under the Lagos State Electricity Law 2024.
The government disclosed this in a statement by the Ministry of Energy and Mineral Resources ahead of the second Lagos Energy Summit, scheduled for November 10 and 11, 2026, in Victoria Island, Lagos.
The summit was initially planned for September but was moved to November to allow for further preparations.
The meeting will focus on how the Lagos State Electricity Law 2024 is affecting private investment in the power sector. Discussions will also cover renewable energy, electricity infrastructure and decentralised power generation.
Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the summit would review progress since the electricity law was introduced and create opportunities for partnerships and investment across the power sector.
He said the government wants the summit to help attract investments that will improve electricity generation, transmission and distribution in Lagos.
Private power projects increase
Several private companies are currently developing power projects across Lagos.
Fenchurch Power Limited is rebuilding the 26MW Akute Independent Power Plant under a concession agreement with the Lagos State Government.
The project will provide electricity to the Akute Intake, Iju Waterworks and Adiyan Waterworks, while excess power will be supplied to Ikeja Electric’s network.
Work on the project began in September. The company is replacing the existing engines with new MWM gas engines. About 10MW is expected to be available within four months, while the remaining 16MW is expected within 12 months.
The Akute project is part of wider agreements signed by the Lagos government with Mainland Power, Fenchurch Power and Viathan Engineering in April.
The agreements aim to increase electricity generation in Lagos from less than 60MW to between 200MW and 400MW within the next two to three years.
Elektron Energy Development also received an operational licence in September for its 40MW Victoria Island Power project. The project is expected to begin commercial operations in December and supply businesses through a dedicated distribution network.
Sahara Power Enterprises Group started construction in August on a 12MW independent power plant in Ogba. The project is reportedly worth $12 million and is expected to be completed in the first quarter of 2027.
Lagos expands decentralised power generation
Private investment is also growing in off grid power, embedded generation, private electricity distribution and mini grids.
In May, the Lagos State Electricity Regulatory Commission approved 14 licences and permits covering different areas of the electricity market, including off grid generation, embedded generation, independent electricity distribution, metering and interconnected mini grids.
The approvals included Axxela’s 5.8MW off grid project for Cadbury Nigeria in Agidingbi, a 9MW embedded generation project by Isolo Power Gen and an independent distribution network licence for Isolo Power Supply.
LASERC is also considering applications for proposed 10MW, 24MW, 30MW and 50MW power projects in Epe, Apapa, Agidingbi and Ibeju Lekki.
The proposed projects include dedicated electricity supply for critical infrastructure, industrial and commercial customers, private distribution networks and decentralised power generation.